Clifford Chance advises the lenders on a corporate financing to support Sonatel’s telecoms expansion in Senegal

To accelerate Senegal’s digital transformation, International Finance Corporation (IFC), British International Investment plc (BII) and Société de Promotion et de participation pour la coopération économique (Proparco) announced a financing package to support Sonatel’s capital expenditure program, which focuses on expanding telecommunications infrastructure, including towers and cables, particularly in rural areas and improving access to reliable and affordable mobile and fixed broadband services.

The local currency equivalent €87 million, sustainability-linked loan includes €32 million from IFC, €30 million from Proparco and €25 million from BII, the UK’s development finance institution and impact investor.

This financing will be the first sustainability-linked facility in francophone West Africa. It encourages and supports Sonatel in improving its performance in two key areas: increasing the representation of women in management positions in Senegal and developing digital skills trainings implemented by Sonatel in Senegal.

The Clifford Chance team was composed in Paris of Delphine Siino Courtin, partner, Corinne Duvnjak, counsel, Maïlys Attiogbé, associate, and Gaspard Nouind.